Buying & Selling Tips BITCOIN | How Bitcoin Works Nairaland

How can I successfully complete bitcoin sign up, bitcoin login and run a legal bitcoin account?

Can I get Bitcoins buying and selling Tips online for free?

As a matter of fact, there are so many of these questions online with people looking to find solution.

So I decided to do a research and update interested persons how to trade Bitcoin from any location around Nigeria and the world at large.

What is BITCOIN? How to Make Money From Bitcoin.

First of all, what is Bitcoin? According to Wikipedia, Bitcoin is a worldwide crypto-currency and digital payment system invented by an unknown programmer, or a group of programmers, under the one name called “Satoshi Nakamoto”. (You can do more findings online for details).

How does BITCOIN Work Online.

Furthermore, from my research, I discovered that the system is peer-to-peer system. All transactions take place between online users directly, without any middleman connecting anything. Further, I went ahead to find out that these transactions are verified by ONLY network nodes. In a like a manner, these nodes are always recorded in a public distributed ledger called a “Blockchain” (search more for details).

On the other hand, since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency legally used ever.

Buying & Selling Tips BITCOIN | How Bitcoin Works Nairaland

People also ask

Firstly What is bit coin used for?

What is a Bitcoin and how does it work?

How do you get a Bitcoin?

Furthermore – What is the meaning of bit coin?

How do I use my bitcoin wallet?

Similarly – How do you get a Bitcoin?

What is cold storage Bitcoin?

Lastly – What is a hardware wallet?

Transactions – How Can I Make Legal Money from Bitcoin

First and foremost, Bitcoin Transactions are defined using a Forth-like scripting language. My research shows that a valid transaction must have one or more inputs online. Furthermore, every input must be an unspent output of a previous transaction. As a matter off fact, the transaction must carry the digital signature of every input owner.

However, I also learned that the use of multiple inputs corresponds to the use of multiple coins in a cash transaction. Similarly, I found out that a transaction can also have multiple outputs, which then allows an online user (you) to make multiple payments at single time. A more detailed research finally uncovered that a transaction output can be specified as an arbitrary multiple of “Satoshi”.

Generally speaking, as in a cash transaction, the sum of inputs (coins used to pay) can exceed the intended sum of payments. Above all, it was reported that in such a case, an additional output is used, returning the change back to the payer. All things considered, any input of Satoshis not inclusively accounted for in the transaction outputs become the transaction fee paid by the service.

Bitcoin Wallets – How to make money From Bitcoin

A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold or store bitcoins.

Due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A better way to describe a wallet is something that “stores the digital credentials for your bitcoin holdings” and allows one to access (and spend) them. Bitcoin uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated. At its most basic, a wallet is a collection of these keys.

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Buying & Selling Tips BITCOIN | How Bitcoin Works Nairaland

There are two ways you can do this:

By mining for Bitcoins: In the light of this, there is a process where you use your computer and special Bitcoin mining hardware and software to compete with several other miners to solve some very complex mathematical problems. They serve as protection for Bitcoin transactions. Additionally, you get rewarded with some bitcoins, usually twenty five bitcoins per calculation. Also, you can freely form or join groups of people to mine in a pool and then share the bounty according to each team member’s contribution.

Through speculative buying and selling: Ordinarily, bitcoin is a universal currency which means anybody in the world can (they may choose not to) buy or sell it. In a final analysis, bitcoin’s new value as at 1st January 2017 was 1 Bitcoin equal to 737.94 US Dollars which at the official Central Bank of Nigeria (CBN) dollar to Naira rate of 314.75 Naira is 232,266 Naira and 346,832 Naira at the current parallel market rate of 470 Naira to a Dollar.

Buying & Selling Tips BITCOIN | How Bitcoin Works Nairaland

In summary, remember that just like people do Forex Trading by speculating that some currencies will rise, you can similarly speculate with Bitcoin because the value increases or decreases with certain trends and events.

For instance, people who bought bitcoins @ the early stage bought a single bitcoin for six dollars.

Can you imagine that its value rose to a peak of about one thousand, one hundred dollars in year two thousand and fourteen. Later on, it then took a nose-dive to less than three hundred dollars in year two thousand and fifteen and started rising again as seen in the graph above.

Finally, please Note the following; if you need us to help you with information at the right time about How to make money From Bitcoin, kindly provide us your phone number and email Address in the comment box below. Also feel free to ask any question any time on BITCOIN Buying and Selling Tips | How Bitcoin Works (Sign up & Login Account Wiki).